A host of reasons can cause bankruptcy timelines to slide—ongoing negotiations, buyers dealing with their lenders, holidays, court scheduling issues, perhaps a dearth of interested buyers, and more. These types of changes are usually more of a stew of events than they are attributable to any single ingredient.
An earlier post included a timetable for the Voyager sale process that contemplated a September 8 hearing to approve one or more sale of assets to an as-of-yet-undetermined bidder or bidders. Voyager also initially planned for a Chapter 11 plan confirmation process that would have a disclosure statement hearing on September 29.
This table summarizes the current timeline adjustments.
|Action||Old Deadline||Current Deadline|
|Sale Process Timeline|
|Deadline to submit Qualified Bids||Aug. 26||Sept. 6|
|Auction begins (if competing bids submitted)||Aug. 29||Sept. 13|
|Deadline to file objections to sale||Sept. 6||Sept. 22|
|Sale Hearing before bankruptcy court||Sept. 8||Sept. 29|
|Plan Confirmation Timeline|
|Deadline to object to Disclosure Statement||Sept. 9||Sept. 22|
|Disclosure Statement hearing||Sept. 15||Sept. 29|
|Deadline to object to Plan confirmation||Oct. 24||Nov. 8|
|Confirmation hearing||Nov. 1||Nov. 15|
There may be future changes, so stay tuned.